- VORJ by vechain is a web3-as-a-serviceplatform that simplifies the transition to Web3 for individuals and businessesby allowing the creation, deployment, and management of smart contracts withoutcoding knowledge, using pre-built options and tools for easy integration withthe VechainThor blockchain.
- The service provides an intuitiveinterface with drag-and-drop features, smart contract templates, and an API foraccessing blockchain data, making it accessible to non-technical users. VORJaims to maintain operability with other EVM blockchains and offers free andpaid subscription models to accommodate various usage scales.
- Vechain's "Web3 for Better"whitepaper outlines its strategy to enhance its enterprise ecosystem with afocus on sustainability, enabling the tracking of carbon and sustainabilitymetrics across supply chains to promote eco-friendly practices and diminishgreenwashing.
- Vechain's efforts include formingstrategic partnerships, such as with Boston Consulting Group, to developecosystems that employ gamification and rewards to encourage sustainablebehaviors to align individual incentives with broader societal benefits throughtheir "X-to-Earn" programs.
- With sustainability and the “X-to-Earn”model at the core, vechain held a recent hackathon in collaboration with EasyA.The objective was to build applications that encourage sustainability behaviorsthrough rewards, incentives, and gamification mechanisms that encourage the useand growth of the application.
- Coinbase listed VET and VTHO tokens, asignificant development for vechain, as it increases the tokens' availabilityto U.S. retail consumers and opens up institutional investment opportunitiesthrough Coinbase Custody.
- Furthermore, Coinbase has includedvechain in its educational initiative, providing users with comprehensivetutorials about vechain’s functionality and rewarding them with cryptocurrencyfor completing quizzes, thus promoting both learning and engagement with thevechainThor ecosystem.
- Vechain has launched VeWorld, a newwallet designed to simplify the management of VET tokens, as well as integratewith a decentralized app store and traditional financial systems to streamlinefiat-to-crypto transactions.
VORJ is a web3-as-a-service product by the vechain team,designed to bring the principles of decentralization to the forefront ofdigital interaction. VORJ lowers the entry barriers that have traditionallydeterred Web3's widespread adoption by enabling individuals to easily create,deploy, and manage smart contracts without knowing how to code. The ultimategoal is to onboard the Web2 world by offering an intuitive, Web2-reminiscentplatform that does away with the need to understand smart contract code or programminglanguages. Instead, users are presented with various pre-built options thatthey can customize and configure, allowing for the easy deployment of digitalassets, smart contracts, or API integrations to the VechainThor mainnet at nocost to the user. Importantly, smart contracts, tokens, NFTs, and APIs offeredthrough VORJ are all to ERC/Open Zeppelin standards, ensuring operability withother EVM blockchains.
Envisioned as a bridge from Web2 toWeb3, VORJ equips users with a suite of tools tailored for the creation andmanagement of both fungible and non-fungible tokens on the VechainThorblockchain. Access to smart contract templates and deployment wizards withinVORJ's framework ensures a seamless transition for users looking to implementthese contracts swiftly.
The practicality of VORJ is furtherenhanced by its comprehensive Application Programming Interface (API), whichoffers various endpoints delivering up-to-date VechainThor blockchaininformation. These endpoints facilitate transactions across the blockchainnetwork, solidifying VORJ's place as a holistic Web3 service platform.
For businesses and developers eager toharness the power of blockchain without investing in coding expertise,Vechain's VORJ emerges as a top solution. The platform's user-friendlynature—characterized by its drag-and-drop interface and customizable smartcontract templates—simplifies the process of smart contract creation anddeployment. Launching initially for free, VORJ will later launch paidsubscription tiers for businesses or users requiring greater usage scales. VORJwill always retain a free tier of usage.
One notable aspect is the platform's ability to mint up to 5,000 NFTs monthly at no charge. This feature removes the necessity for blockchain programming expertise, allowing for rapid deployment of NFTs to marketplaces by anyone!
In essence, VORJ by Vechain signifies more than just technological innovation; it embodies a shift towards a more inclusive and democratic internet, where every user can contribute to and benefit from the Web3 ecosystem. Through VORJ, VechainThor is not only democratizing blockchain technology but is also setting a precedent for how accessible and user-friendly future digital infrastructures should be designed.
Web3 for Better Partnership and X to Earn
Vechain’s recently published whitepaper ‘Web3 for Better’ builds on Vechain’s enterprise ecosystem expertise and expands its focus to the rapidly growing sustainability sector. With supply chains representing the base of all production, Vechain can add additional layers to its offerings, tracking carbon and sustainability data from upstream and downstream suppliers. The rationale is to encourage sustainable behavior while helping reduce greenwashing and other common sleights in a trustless manner using blockchain.
Throughout 2022 and 2023, Vechain has emphasized broadening its scope and focusing on meaningful partnerships in the sustainability sector, like its partnership with Boston Consulting Group. The two have teamed up to build ecosystems that leverage gamification and incentivization to reward users who engage with certain platforms and products.
Incentivization drives everything humans and markets do. It is particularly crucial when forging paths toward a sustainable future, where the design of incentives is intricately linked to human behavior. Recognizing the value of both positive externalities and the cost of negative ones is essential for effective collaboration between individuals and organizations. The lack of tangible rewards for environmentally friendly consumer choices results in diminished demand and, consequently, scant corporate investment in such options.
Vechain firmly believes constructing well-organized incentive mechanisms can spur collective action toward sustainability and is helping to build that future with its “X-to-Earn” programs. When a system acknowledges and rewards community-beneficial actions, it catalyzes a cycle of positive change. This approach harnesses the potential for a mutually beneficial scenario where societal gains coincide with personal advantages.
The “X-to-Earn” model is not new to the cryptocurrency landscape, with Axie Infinity popularizing “Play-to-Earn” and Stepn’s meteoric rise with “Move-to-Earn” in 2022. Stepn’, specifically, leveraged the integration of movement-based data from users' smartphones to allocate rewards in the form of GST tokens for physical activities such as walking and running. This mechanism parallels other projects, such as Movelo (discussed in greater detail below) that look to compensate users for certain desired actions. However, early implementations like Axie Infinity and Stepn suffered from poorly designed tokenomics and unsustainable reward emissions.
Critics argue that such a system cannot guarantee long-term stability or equitable distribution of wealth. However, proponents suggest that integrating tangible utility for reward tokens, such as offering discounts on goods and services valued by the community, may pave the way for enduring growth and viability of M2E applications.
However, companies like vechain and Boston Consulting Group (BCG) are at the forefront of integrating blockchain technology to create more engaging customer experiences. The deployment of digital assets and Web3 elements not only increases customer retention but also encourages active participation by offering perks for loyalty. These include:
- Using fungible and non-fungible tokens to gamify interactions, monitor engagements, and provide tangible rewards.
- The issuance of utility or "Phygital" NFTs that offer early access, discounts, and unique experiences in exchange for activity within the ecosystem.
- The use of blockchain-based tokens to seamlessly integrate external partners and automate collaborations through Smart Contracts.
- The implementation of token gating, which requires a certain level of engagement for access, fosters smoother collaborations and enriched user experiences.
- The adoption of DAO-like structures for community governance, where token holders can influence brand decisions, with the weight of their votes scaled by their loyalty status and level of engagement.
Such strategies exemplify the transformative power of integrating token economics with sustainable practices, offering a blueprint for others to follow in incentivizing positive contributions to the environment and society.
With sustainability and the “X-to-Earn” model at the core, vechain held a recent hackathon in collaboration with EasyA, a premier Web3 educational application. The platform boasts a remarkable assembly of developers and half a million members from leading universities and corporations throughout the United States and the United Kingdom. Ventures initiated within the EasyA fold have garnered the support of preeminent venture capitalists, including the likes of a16z and Y Combinator.
With the support of the vechain and EasyA communities, the hackathon saw 10,000+ people and ~200 developers take part in the “Learn 2 Earn” (L2E) challenge at Harvard University in Boston. The objective was to build applications that encourage sustainability behaviors through rewards, incentives, and gamification mechanisms that encourage the use and growth of the application. The event offered $46 in prizes, with eight projects winning from the two main developer tracks, and three winners from the ‘Shark Tank’ Ideathon session, where projects pitched their ideas for $2k in funds to get them started. Below are three standout projects from the event.
In an era where environmental impact is a pivotal business concern, Movelo presents an innovative application that merges sustainability with the move-to-earn (M2E) model. This platform incentivizes individuals to adopt greener modes of transportation—walking, cycling, or ride-sharing—by offering financial rewards sponsored by corporations. Operating on the vechainThor blockchain, Movelo authenticates the distance covered by sustainable means, calculating the carbon footprint reduction and remunerating users accordingly.
The vechainThor blockchain and dual token model serve as the backbone for Movelo's operations, ensuring accurate verification of distances and carbon offsets. By doing so, Movelo transforms what would typically be categorized as Environmental, Social, and Governance (ESG) expenditure into direct incentives for sustainable behavior. This move-to-earn application gamifies the experience with Non-Fungible Tokens (NFTs) and competitive leaderboards, much like the previous “X-to-Earn” projects.
Movelo's team has crafted an application that not only encourages eco-friendly commuting habits but also facilitates companies in enhancing their Corporate Social Responsibility (CSR) profiles. By utilizing vechain's fee delegation feature, Movelo enables companies to cover transaction fees, allowing employees to participate without financial burdens. The app's dual function supports the global mission to reduce CO2 emissions while advancing corporate sustainability efforts measurably and transparently.
TriSustain is a decentralized platform that intertwines economic incentives with environmental consciousness, aiming to cultivate a culture of sustainability within communities. The application operates with dual user interfaces, designed to facilitate the organization and participation in eco-friendly events. It recognizes and compensates individuals for their green engagements, reinforcing a culture that values sustainable practices.
The core function of TriSustain is to assess and incentivize actions that contribute to environmental stewardship. By rewarding such activities, the platform not only promotes individual contributions to sustainability but also strengthens the collective eco-conscious ethos of communities. TriSustain's innovative approach merges social and economic elements, thereby endorsing a comprehensive model for encouraging sustainable living and community operations.
FiTag is an early-stage project in the luxury retail space, distinguished as a BCG track winner for its innovative approach to shopping. This platform delivers a remarkable experience for luxury brands and their discerning clientele by integrating blockchain technology and Near Field Communication (NFC) tags, creating a transparent and authenticated supply chain from production to point of sale.
Leveraging the capabilities of the vechain blockchain, FiTag enhances supply chain visibility, ensuring that each product's journey is fully traceable, thus aiding brands in adhering to the latest sustainability mandates proposed by the Fashion Industry Charter. The application employs NFC tags, which, when scanned, reveal a product's provenance and validate its authenticity, providing customers with peace of mind regarding the legitimacy and ethical sourcing of their purchases.
Beyond its role in supply chain clarity, FiTag enriches the shopping experience through the use of Augmented Reality (AR) and loyalty program NFTs. These digital innovations not only affirm product ownership but also introduce an interactive dimension to online shopping, allowing customers to engage with products in a virtual space.
The platform's rental model encourages the reuse of luxury items, thereby reducing waste and promoting more sustainable consumption patterns among fashion enthusiasts. With its forward-thinking features, FiTag positions itself at the vanguard of digital solutions for the luxury fashion industry, advocating for transparency, authenticity, and sustainability.
Vechain Grants and Initiatives
In a move resonating with its commitment to community collaboration and transparency, the vechain team has recently transitioned its developer documentation to an open-source format. This strategic decision empowers community developers to actively participate in the evolution of the platform by proposing modifications or contributing new content. By democratizing access to this critical knowledge base, vechain fosters an inclusive environment that encourages innovation and collective problem-solving.
Further cementing its dedication to community involvement, vechain has initiated a novel campaign: the Community Developer vechain Improvement Proposal (VIP), accompanied by a substantial $100,000 funding pool. This campaign is designed to stimulate community-led development and enhance the ecosystem's functionality and robustness. In addition, the Foundation recently launched a series of initiatives designed to attract and incentivize builders, such as the recently held ‘Web3 for Sustainability’ Masterclass in Paris, and a new $100k Vechain Improvement Proposal (VIP) bounty campaign (Vechain’s equivalent to Ethereum’s EIPs) to encourage builders to develop and propose enhancements for integration with the VechainThor protocol.
In tandem with the VIP campaign, the establishment of a dedicated builder forum, Discourse, marks another significant stride in bolstering the developer community. This forum serves as a conduit for dialogue, idea exchange, and collaboration, enabling builders to share insights, seek guidance, and forge connections within the vechain ecosystem.
These initiatives indicate vechain's strategic orientation towards leveraging collective expertise and fostering a participatory development culture, which could significantly contribute to the platform's advancement and the broader blockchain community's growth.
Coinbase recently announced its intent to list the VET and VTHO tokens, helping Vechain overcome a relative lack of availability on major exchanges and for US retail consumers, as well as opening up VET and VTHO to institutional investors via Coinbase Custody. The listing marks a watershed moment for accessing the VechainThor ecosystem, with far-reaching access being opened up for the ecosystem.
Additionally, beyond simply listing the token, Coinbase has expanded its educational initiative to include vechain, representing a significant stride in enhancing awareness and understanding of vechain's capabilities and applications. The educational module provided by Coinbase is meticulously crafted to offer users an in-depth view of various cryptocurrencies. After the completion of each tutorial, a quiz assesses the participant's grasp of the information. Coinbase credits participants' accounts with cryptocurrency upon successfully completing each quiz, thus incentivizing the learning process.
The recent integration of vechain into Coinbase's learning program marks a pivotal development for the platform. The decision to include vechain in such a program reflects the platform's growing relevance in the blockchain sector. vechain's unique proposition in the market, with its focus on supply chain logistics, enterprise solutions, and sustainability solutions, sets it apart from other traditional cryptocurrency projects.
VeWorld Mobile Wallet
Finally, the vechain team has recently released the initial version of its latest wallet, VeWorld, with the goal of simplifying the management, transfer, and tracking of VET tokens. This platform extends beyond basic wallet functionalities by offering an array of advanced features, including transaction history inspection, balance monitoring, and real-time market price tracking. The wallet also introduces currency unit customization, allowing transactions to be displayed in Euro or USD, catering to a global user base.
Vechain’s vision with VeWorld is to offer a secure and user-friendly interface for individuals to manage their digital assets, including VET tokens, in a truly self-custodial manner. While this is just the beginning of the wallet’s development, the roadmap includes periodic enhancements such as user interface refinements for improved accessibility, the introduction of novel features to enrich its ecosystem, and the fortification of security protocols to safeguard digital holdings. Additionally, an integration with Ledger Live is in its final stages. Once rolled out, vechain users will have additional options when it comes to purchasing, using, and securing their VET tokens.
Central to VeWorld’s utility is its seamless integration with a decentralized application store, enabling direct access to the many vechain dApps. It forges a pivotal connection with established financial institutions to facilitate fiat currency entry and exit ramps—a crucial bridge between traditional and digital finance.
The wallet's compatibility with a decentralized exchange (DEX) and bridging solutions gives users a truly on-chain trading experience, while its ability allows users to assess the carbon footprint of their transaction connects Web3 to the physical world. Moreover, VeWorld pioneers fee delegation directly within its settings, empowering users to assign gas payments to an alternate address—a feature that enhances flexibility and control.
Developers constructing on the vechainThor blockchain are afforded an optimized experience through these novel features, including a native NFT viewer. This integration facilitates the minting, listing, and viewing of NFTs within the wallet, streamlining the management of digital collectibles.
This commitment to continuous improvement underscores vechain's recognition of the critical importance of user experience and security in the digital asset space. As the cryptocurrency landscape evolves, VeWorld aims to stay at the forefront, providing its users with a robust, comprehensive tool for navigating the complexities of asset management and exchange.
In conclusion, VORJ stands as a revolutionary Web3-as-a-Service platform that marks a significant leap towards a more inclusive and democratized internet. Its user-friendly interface, free tier access, and smart contract deployment capabilities lower the entry barriers to Web3, inviting widespread adoption. Vechain's broader vision, emphasized in their 'Web3 for Better' whitepaper, aims to foster sustainability through blockchain technology, leveraging partnerships and incentivization models like the "X-to-Earn" programs, leveraging its BCG partnership to onboard enterprise clients to the ecosystem. The company's initiatives and the recent hackathon underscore their commitment to empowering developers and fostering sustainable behaviors through innovative applications like Movelo, TriSustain, and FiTag. With the inclusion of VET and VTHO tokens on major exchanges and educational platforms like Coinbase, Vechain is enhancing its accessibility and understanding among a broader audience. The launch of the VeWorld mobile wallet exemplifies Vechain's dedication to providing a secure, comprehensive, and user-centric experience in the digital asset space, ensuring its position as a leading figure in the evolution of blockchain technology and its applications for a sustainable future.
Disclaimer: This report was commissioned by Vechain. This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin ,cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.